Mayne Pharma Group Limited (ASX: MYX) has received court approval to convene a scheme meeting where shareholders will vote on the proposed acquisition by Cosette Pharmaceuticals, Inc. The Scheme Meeting is scheduled for Wednesday, 18 June 2025, and will be held as a hybrid meeting to facilitate both in-person and online participation. Shareholders as of 7:00pm (AEST) on Monday, 16 June 2025, are eligible to vote. An explanatory Scheme Booklet, including the Independent Expert’s report, will be dispatched to shareholders on 19 May 2025, and will also be available on the company’s website.
Deloitte Corporate Finance Pty Limited, the Independent Expert, has concluded that the Scheme is fair and reasonable and in the best interests of Mayne Pharma shareholders, absent a superior proposal. The Independent Expert valued Mayne Pharma shares between $6.61 and $7.99, while Cosette’s offer stands at $7.40 per share. The directors of Mayne Pharma continue to unanimously recommend shareholders vote in favor of the Scheme, subject to the same qualifications.
The key dates include the Scheme Meeting Proxy Form Deadline on Monday, 16 June 2025, and the Second Court Hearing to Approve the Scheme on Friday, 20 June 2025. If approved, Mayne Pharma shares will be suspended from trading on the ASX on Monday, 23 June 2025, marking the last day of trading. The Scheme Implementation Date is set for Wednesday, 2 July 2025, when shareholders will receive the scheme consideration. Shareholders are encouraged to read the Scheme Booklet in its entirety before deciding on their vote. A shareholder information line has been established to address any queries regarding the Scheme.
